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Possible Bearish Inside Day Candle Pattern Detected for United Rentals (NYSE:URI)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in United Rentals (NYSE:URI) based on the price action in the company's shares. Today's price range of $153.16 and $156.40 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of United Rentals may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

United Rentals, Inc., through its subsidiary, is an equipment rental company operating a network of locations in the United States and Canada. The Company serves the construction industry, industrial and commercial concerns, homeowners, and other individuals.

There is potential upside of 27.2% for shares of United Rentals based on a current price of $153.37 and an average consensus analyst price target of $195.07. United Rentals shares should first meet resistance at the 50-day moving average (MA) of $159.48 and find additional resistance at the 200-day MA of $163.54.

Over the past year, United Rentals has traded in a range of $106.52 to $190.74 and is now at $153.37, 44% above that low. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has risen 0.2%.

SmarTrend is monitoring the recent change of momentum in United Rentals. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of United Rentals in search of a potential trend change.

Keywords: bearish inside day candle united rentals

Ticker(s): URI